MolMed wants to drum up cash
Milan – One of Italy’s biggest biotech players wants to raise EUR58m to boost its pipeline of cancer therapies. The round will be closed on July 16th. With operating costs of EUR22.5m and a total loss of about EUR17m in 2009, MolMed needs the money to continue operations. Good results from several drugs in Phase II have improved confidence in the biopharmaceuticals maker. TK, a cell therapy aimed at boosting survival of leukaemia patients undergoing stem cell transplantation, has entered Phase III testing. Several varieties of NGR-hTNF – a recombinant therapeutic protein that is a combination of a tumour homing peptide (NGR) with the human Tumour Necrosis Factor (hTNF) – have also completed Phase IIa tests.